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2016 (6) TMI 652 - GUJARAT HIGH COURT

2016 (6) TMI 652 - GUJARAT HIGH COURT - TMI - Accrual of interest - interest income in the hands of the assessee for allegedly having made advances - Held that:- As decided in assessee's own case the entire issue is based on appreciation of evidence on record. On the basis of the available material, the Tribunal found no justification for sustaining the addition. In fact, there was no reliable material for making the additions. Issue being predominantly in the realm of appreciation of evidence, .....

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s of the assessee for allegedly having made advances without reflecting interest in the accounts. 2. In view of the fact that such question came to be considered by this Court in Tax Appeal No.392 of 2016 in case of this very assessee, the Tax Appeal was dismissed. We do not find necessary to record facts in detail. In the said decision, the Court made following observations: The Revenue has filed this Appeal challenging the judgment of ITAT dated 290.10.2015 raising the following question of la .....

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seized documents during search. The Assessing Officer discarded the explanation of the assessee that the documents were only rough jottings and there was no other evidence to hold that the assessee had earned any interest. Ultimately, the issue reached the Tribunal. The Tribunal by the impugned judgment deleted the interest addition making following observations: 42. A perusal of the seized paper would indicate that except noting of the amount and the dates nothing else is discernible. We have .....

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108. You check it one by one. I am showing serial wise, explain the same. The reply of the assessee is after having seen the aforesaid file in detail, I want to state that all the papers are in respect of the business of purchase/sale of land for which at present not able to explain because my evidence books are lying with my advocate/accountant and my mental and physical condition is not good and, therefore, not able to give answer. Allegation of the Revenue is that since the paper is found fr .....

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